Gene Joyce, Real Estate Agent serving Fayetteville and NW Ark (Keller Williams Market Pro Realty)

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Ambassador
4,372,645
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Been buying them for decades, everyone has a different tipping point as to when they decide that they need help.  Most wait far too long.

Oct 05, 2018 11:49 AM
Rainmaker
1,699,618
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Sell it for the highest and the best. 

No doubt, you want to help them from the bottom of your heart, Gene.

 

Oct 05, 2018 12:23 PM
Rainmaker
1,260,113
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Wishing your the best in this situation and keep us posted, Gene.

Oct 05, 2018 12:25 PM
Rainmaker
747,859
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Plenty of experience, biggest thing is that I did not approach them as a real estate agent, I dressed down, usually in my jeans and hide my nice car around the corner. Your approach is to help them the best way you could and go over ALL the options as "their advocate". Best to learn all you can about loan modifications, among other things. If the best way happens to turn out to be a short-sale solution...than you're their man.

Oct 05, 2018 12:22 PM
Rainmaker
451,119
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

you did not specify what kind of "help" you have in mind. help comes in many forms with distressed homeowners, develop a plan of establishing trust and having more than one solution. 

Oct 05, 2018 12:45 PM
Rainmaker
3,214,364
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I don't.  Distressed properties were "a  thing" some years back when the market went sideways... not so much right now.

Oct 05, 2018 12:40 PM
Rainmaker
1,020,361
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

It's not a field for the faint of heart and while it may yield some great connections know that the lenders feel none of your compassion to do so. It's not recommended at this stage of your experience in my opinion.

Oct 05, 2018 11:47 AM
Rainmaker
1,035,713
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Know your default FNMA laws. The laws of forgiveness gave away for free has stopped. It is considered taxable if I hear right. In our area if one bought a property this year never paid a Penny there is enough equity to take a profit out of a regular sale. 

 

Oct 05, 2018 11:45 AM
Ambassador
3,446,297
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

What market are you in, Gene? We have very few distressed properties in our area and it's been like that for several years. During the recession, I did a ton of short sales but, again, it's been years since I have had to!

Oct 05, 2018 05:01 PM
Rainmaker
3,428,312
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Not my specialty.  I can offend no advice.   Good luck.

Oct 05, 2018 01:19 PM
Ambassador
2,364,110
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      If you are going to work REOs, shorts, distressed, etc. find out who in your Board is already working that field.  In Tallahassee we have one agent who handles HUD, another for FNMA, one for FHLMC, another who does local bank portfolios, etc. and I know 2 guys who are masters at short sales.

     Find those people in your own Board or Association.  Meet those people.  Preview their listings.  Take them to lunch.  Pick their brains.

    Then do what Caroline Gerardo said in her answer on this page.

    And call  Sally K. & David L. Hanson ! 

    

Oct 05, 2018 02:41 PM
Rainmaker
1,659,636
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Check with Sally K. & David L. Hanson .

Oct 05, 2018 02:01 PM
Rainmaker
388,350
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

I can see that you have a good heart, Gene Joyce !  They probably won't open the door if you knock.  You may want to leave your flyer with your bio as a distressed property specialist or short sale and foreclosure resource, and how you can help them.

Oct 05, 2018 01:35 PM
Rainmaker
781,133
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Depends on the type of 'distress.'

There is a suggested distress wyen a LIS Pendens is filed.

Then there is the distress that comes with phone call and post mailing announcing 'Past Due.'

Then there is the distress obvious when the occupant has been booted and the lender has a problem.

Then there is the distress caused by illness and dimenished ability to maintain a property.

Or the emminate distress when someone is incarcerated.

Or the situation most families willl find themselves in should they fall ill and the medical bill flow in.

We may not be able to know the cause of the distress but we all recognize the most obvious remedy.  That may not be selling their house. So I would start with real help and that may end with a housing situation change.

For example: A house not so long ago has a damaged shingle on the roof for months. It was on the front of the house so everyone could see it.  I identifed a roofing company with a 'special' deal for them. So, they fixed the roof so they could sell the house.

Oct 05, 2018 01:18 PM
Rainmaker
941,250
Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I worked nothing but distressed properties 2007-2011. I rarely approached owners, I was referred or contacted directly by them through my distressed property marketing.

Oct 05, 2018 03:08 PM
Rainmaker
3,367,196
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The Hanson's in Milwaukee could be of help. Not my specialty!

Oct 05, 2018 02:53 PM
Rainmaker
3,302,610
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Feel free to give us a call...there have not been lots around recently in many areas...you want to know first of all...the universe of that area in your area. Next you want to take the poper training so you can help people who are upside down.  You can feel free to call us: 414 525 0563 anytime,

Oct 05, 2018 02:06 PM
Rainer
243,739
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Have your arrows sharp and ready. Know the laws, have hand outs with legal time lines. Have a lender who may be able to refinance temporarily or offer a reverse mortgage if available. Have the crew that can clean up, spruce up and do the defferred maintenance if they can sell. Have the game plan for each lender or servicer rules. Be ready to help with time and a shovel

Oct 05, 2018 01:46 PM
Rainmaker
1,558,194
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Distressed is relative. I would just go help regular folks buy or sell. There isn't that much of that going on in my area at least these days. Why cut yourself short?

Oct 05, 2018 01:38 PM
Rainmaker
793,047
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Several good answers here already. Best wishes in your endeavor

Oct 06, 2018 07:50 AM
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Many people in this situation are in denial. There is a website a friend of mine uses that lists properties in pre-foreclosure.

Oct 05, 2018 06:36 PM
Rainmaker
1,500,682
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

To many realtors and investors go after defaulted/distressed homeowners, be patient, personal, and kind. Those people are already under a huge amount of stress and pressure. 

Oct 05, 2018 03:48 PM
Rainmaker
5,122,294
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

they're tough to find.... when we sell to one of our builders, we don't take a commission, and after hearing that, the seller never speaks to another agent.... our builder gets the deal and we get the finished end product...

Oct 05, 2018 03:31 PM
Rainer
10,893
Bill Meloy
Palm Beach Gardens, FL
Private Money Specialist

Have a good heart. Be there to offer advice whether it involves a transaction for you or not. Sometimes best path is to sell, sometimes best path is to finance, sometimes best case is to get an attorney involved. It is a sometimes a litigous situation and be very careful because if you say or advise the wrong thing the arrows could be pointed back at you.

Oct 05, 2018 03:17 PM
Rainmaker
2,485,567
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Just like you are approaching us...approach them. Where are they? Years ago, I discovered a source that fell into my social lap. It had to do with being friendly to everyone I meet/met and practicing sharing, caring, with dialog and all the rest of which I like to do. People just open up and even referred others for help. I was even surprised as to how much the mailman knew too. People who need help face a paradox of a sort. They are ashamed to state it. Thus one must be inviting, subservient and sincere to attract their trust.....

Oct 05, 2018 02:57 PM
Rainmaker
5,507,728
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Provide the needed advice.

Oct 05, 2018 02:43 PM
Rainer
172,330
Don Baker
Lane Realty - Eatonton, GA

It's a tough niche and I wouldn't hire someone to help me if I was in bankruptcy or doing a short sale if they didn't have experience.  Have you sold short sales? foreclosures?  If not I suggest partnering with an experienced agent for your first few to get it right.

Oct 05, 2018 02:38 PM
Rainmaker
1,115,008
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Not my specialty, good luck to you Gene. 

Oct 06, 2018 02:14 PM
Rainmaker
1,559,948
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

With genuine honesty and forthright sharing if information and services. Sometimes it works, othertimes; not

Oct 06, 2018 07:37 AM
Rainmaker
4,797,872
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would think that approaching them with the utmost empathy would be the first step.

Oct 06, 2018 06:25 AM
Rainmaker
3,052,363
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Something i have been doing it for 20 years, they thing is, that the owner has to want to work with you, many have given up. Others owe more than it is worth. You have to have a seller willing to work with you or you are dead in the water before you start. I like to send letters and personalize to their situation

Oct 06, 2018 05:34 AM
Rainmaker
3,129,025
Richard Weeks
Dallas, TX
REALTOR®, Broker

Those are the properties we try to buy.  You could always list them pro bono.

Oct 06, 2018 04:12 AM
Rainmaker
844,333
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

First, talk with agents in your area who are experienced in short sales, REOs and pre-foreclosure. They are all different animals and you may find it is not what you expect. Ask what training is needed and if there is enough of a demand in your market for this to be a niche for you.

If you are still interested,  get trained before proceeding. Distressed properties are highly specialized and not for everyone. Short sales and foreclosures are pretty much a thing of the past in my area, you may find the same in yours.

 

Oct 05, 2018 10:21 PM
Rainmaker
1,369,263
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

You have to convince them you truly want to help them... not yourself.  As the late great Zig Ziglar said: You can get anything you want in life if you help enough other people get what they want.:" Write them a letter and convince them you truly want to help them.  It's all about them.  Not you! 

Oct 05, 2018 09:00 PM
Rainmaker
2,826,741
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Define "distressed property" ... how you want to help them? 

Oct 06, 2018 09:05 AM
Rainmaker
1,264,277
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I connect them with my investors who'll buy it for a fix 'n flip.

Oct 06, 2018 09:00 AM
Rainmaker
3,983,713
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have worked a few and I always try and save the house first

Oct 05, 2018 07:09 PM
Rainmaker
3,243,607
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

it is a hard area to work, but work them and work with banks.

Oct 10, 2018 07:32 PM
Rainmaker
4,161,974
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Good luck, not my niche.

Oct 10, 2018 06:43 AM
Rainmaker
4,575,688
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

You have great advice from the members.  Wishing you great success.  A

Oct 06, 2018 01:01 PM